The sub-index for production was recorded at 47.8 in November—a decline of 1.8 percentage points month-on-month (MoM). Moreover, demand has also decreased as the sub-index for new orders stood at 46.4—down by 1.7 percentage points from October.

China’s PMI for manufacturing dropped to 48 in November 2022 from 49.2 in October as a result of domestic COVID-19 cases and other global issues, said the NBS. A PMI reading below 50 points towards contraction whereas that above 50 shows expansion. The sub-index for production was recorded at 47.8 in November—a decline of 1.8 percentage points MoM.

“Enterprises have reported rising difficulties due to disrupted logistics and production, financial strains, and lack of demand. The PMI for large, medium, and small enterprises dropped by different extents, with small enterprises facing greater pressure,” NBS senior statistician Zhao Qinghe was quoted as saying by several Chinese media reports.

Fibre2Fashion News Desk (NB)